Seoullabs, a fintech startup based at the Seoul Fintech Lab, announced on the 2nd that it has officially filed a trademark application for its Korean won (KRW)-based stablecoin, "KWAN."
Long before the current discussions around the institutionalization of stablecoins in South Korea and the United States, Seoullabs had been proactively preparing for KWAN by participating in regulatory innovation demand surveys for tax refund programs aimed at revitalizing local economies and regional currencies.
Seoullabs CEO Do-hee Jang stated, “The KWAN trademark filing goes beyond branding—it represents a practical solution to structural problems in the Korean economy.” She explained that KWAN is intended to help rebalance the Seoul-centric economic structure and act as a catalyst for revitalizing local small businesses and self-employed communities.
KWAN—short for “Korean Won”—is designed to digitally transform the KRW and deliver innovative payment solutions that transcend the limitations of the traditional financial system. It will be integrated with services such as blockchain-based real-time tax refunds for foreign tourists, thereby encouraging local spending and supporting digital transformation in regional commerce.
The Tax Refund innovation service, which Seoullabs has been preparing in advance, enables foreign visitors to receive immediate tax refunds for purchases made in regional areas. When combined with KWAN, this system is expected to directly stimulate local spending.
CEO Jang emphasized, “The true value of KWAN lies not just in being a digital currency but in its ability to transform the entire local economic ecosystem.” She added, “In today’s Seoul-dominated economy, where rural areas and small business owners face increasing hardship, KWAN can help bridge the economic divide and create a foundation for inclusive regional growth through digital technologies.”
KWAN leverages Seoullabs’ high-performance blockchain infrastructure capable of processing 4,000 transactions per second (TPS). Its key features include localized incentive mechanisms, real-time regional economic data analytics, and direct connections between local merchants and consumers. The platform’s dual-chain architecture ensures robust security and high-speed processing, making it ideal for large-scale local currency operations and real-time services like tax refunds.
Industry experts view the KWAN trademark filing as a strategic move to gain an early foothold in the KRW stablecoin market. Major players like KB Kookmin Bank, KakaoBank, KakaoPay, and NHN KCP have already filed trademarks such as KKRW and KBKRW in a race to secure their positions in the evolving market.
Seoullabs plans to build a strong brand identity around KWAN and expand collaboration with local governments and public institutions to lead a nationwide digital transformation of the regional economy.
CEO Jang also voiced concern that fintech startups that have been preparing real-world applications may face challenges due to the trademark rush by major banks and payment firms. Nevertheless, she stressed, “KWAN is not just about technological innovation—it’s an inclusive financial platform designed to ensure that every region in Korea can benefit from the digital economy.” She concluded by expressing hope that with active regulatory support and sandbox initiatives, KWAN could become a new growth engine for the Korean economy.
Source: GameFocus
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